Business
Chapter 5-small business, entrepreneurship,franchises
Small business: independently owned & operated for profit & is not dominant in its field”
Distribution industries: retailing, wholesaling, transportation, communications
Service industries: 48% nonfinancial services, medical, dental care, TV, hair, restaurant
Production industries: 19% construction, mining, manufacturing
Advantages: relationships, change, record, independence
Disadvantages: failure, limited profit, raise capital
Business plan: carefully constructed guide for person starting business
Small Business Administration (SBA): Congress in 1953, Gov. Agency assists, counsels, protects interests
Serice Corps of Retired Executives (SCORE): 1964, group of > 10500 retired bus ppl including 2000 women who volunteer services to small bus through the SBA.
Small-Bus institutes (SBIs): 1972, groups of senior & graduate students in bus adm. Who provide management counseling to small bus.
Small-bus development centers (SBDCs): university based groups provide individual counseling and practical training to owners of small bus.
Venture capital: money invested in small firm’s potential to become successful
Small-bus investment companies (SBICs): licenses, regulates, financial assistance
Franchise: license operates individually owned bus as part of chain of outlets or stores
Franchisor: individual or organ granting franchise
Franchisee: person/organization purchasing franchise
Chapter 6-understanding the management process
Management: process coordinating ppl, other resources to achieve goals of organination
Planning: simplest form, establishing organizational goals & deciding how accomplish 1
Mission: statement of basic purpose makes organization different from other 2
Strategic planning: process establishing organizations major goals and objectives allocating resources to achieve 3
Goal: end result organization expected to achieve over 1-10 year period
Objective: specific statement detailing
Small business: independently owned & operated for profit & is not dominant in its field”
Distribution industries: retailing, wholesaling, transportation, communications
Service industries: 48% nonfinancial services, medical, dental care, TV, hair, restaurant
Production industries: 19% construction, mining, manufacturing
Advantages: relationships, change, record, independence
Disadvantages: failure, limited profit, raise capital
Business plan: carefully constructed guide for person starting business
Small Business Administration (SBA): Congress in 1953, Gov. Agency assists, counsels, protects interests
Serice Corps of Retired Executives (SCORE): 1964, group of > 10500 retired bus ppl including 2000 women who volunteer services to small bus through the SBA.
Small-Bus institutes (SBIs): 1972, groups of senior & graduate students in bus adm. Who provide management counseling to small bus.
Small-bus development centers (SBDCs): university based groups provide individual counseling and practical training to owners of small bus.
Venture capital: money invested in small firm’s potential to become successful
Small-bus investment companies (SBICs): licenses, regulates, financial assistance
Franchise: license operates individually owned bus as part of chain of outlets or stores
Franchisor: individual or organ granting franchise
Franchisee: person/organization purchasing franchise
Chapter 6-understanding the management process
Management: process coordinating ppl, other resources to achieve goals of organination
Planning: simplest form, establishing organizational goals & deciding how accomplish 1
Mission: statement of basic purpose makes organization different from other 2
Strategic planning: process establishing organizations major goals and objectives allocating resources to achieve 3
Goal: end result organization expected to achieve over 1-10 year period
Objective: specific statement detailing